Jun 1, 2021

Dundee Precious Metals acquires INV Metals

Dundee Precious Metals
INV Metals
2 min
Dundee Precious Metals expands into the Americas with acquisition of junior miner INV Metals, owner of the Loma Larga project in southern Ecuador

Dundee Precious Metals (DPM) has added its first project in the Americas to its portfolio with the acquisition of mining junior IVN Metals taking over the advanced-stage Loma Larga gold-copper-silver project in southern Ecuador.

Loma Larga

The Loma Larga gold-copper-silver project is well-aligned with DPM’s core strengths and unique capabilities to unlock value: similar geology, mining method and processing flow sheet to DPM’s Chelopech underground copper-gold mine, which DPM has developed into a world-class, modern operation

DPM notes the project will benefit from additional engagement with local stakeholders as was also the case in the initial stages of development for Ada Tepe, which is now a highly successful DPM operation that enjoys strong support from local communities; and a portion of the production includes complex concentrate, which can be processed at DPM’s Tsumeb smelter or other outlets.

Loma Larga


The acquisition adds a high-quality growth asset to DPM’s portfolio: 

  • Loma Larga has the potential to produce an annual average of approximately 200,000 gold ounces in its first five years
  • Life of mine production is estimated to be approximately 170,000 ounces per year
  • An attractive all-in sustaining cost, net of by-products of approximately $630 per ounce is forecast, which continues to support DPM’s peer-leading cost profile
  • The strong reserve base and economic profile of Loma Larga adds approximately 2.6 million ounces of high-grade mineral reserves for an initial 12-year mine life with compelling economic returns
  • Attractive valuation metrics from the transaction are expected to be accretive to DPM shareholders on a reserves and net asset value per share basis

Dundee Precious Metals

“This transaction leverages our proven strengths as an environmentally and socially responsible mining company, and we look forward to engaging with all national and local stakeholders,” said David Rae, Dundee Precious Metals’ President and CEO. “Loma Larga adds a high-quality, advanced stage gold project to our portfolio that has the potential to generate meaningful production growth and significant value for our stakeholders.”

“Our approach to advancing Loma Larga will benefit from our firm commitment to the highest standards for engagement with local communities and environmental stewardship, in addition to our development and operating experience to further unlock the significant potential of the project.”

INV Metals

Candace MacGibbon, CEO of INV Metals, added: “We are very pleased to announce this transaction today following many years of hard work and dedication from the INV Metals team. We believe DPM is uniquely positioned to move Loma Larga forward, and as such, this transaction is not only an excellent outcome for our shareholders, but also one with the potential to offer tremendous benefits for both the project’s national and local stakeholders in the coming years.”

The deal is supported by INV’s largest shareholder, IAMGOLD.

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Jun 17, 2021

People Moves: Peter Cunningham appointed Rio Tinto CFO

Rio Tinto
Peter Cunningham
financial planning
Renewable Energy
2 min
Rio Tinto has appointed Peter Cunningham its Chief Financial Officer and he will also join the Board as an executive director

Rio Tinto has appointed Peter Cunningham as Chief Financial Officer (CFO) with immediate effect. Peter, who has been Interim Chief Financial Officer since 1 January 2021, will also join the Rio Tinto Board as an executive director at the same time.

Peter Cunningham appointed Rio Tinto CFO

Peter Cunningham was previously Group Controller and has held a number of senior financial and non-financial leadership positions across Rio Tinto in Australia and the UK. In a career spanning 28 years with Rio Tinto, he has held roles including Global Head of Health, Safety, Environment & Communities; Head of Energy and Climate Strategy; and Head of Investor Relations.

Prior to joining Rio Tinto, Peter qualified as a chartered accountant.

Rio Tinto CEO Jakob Stausholm commented: “I am delighted to confirm Peter in the role and, having worked closely with him for a number of years, I know he is the ideal person to be our Chief Financial Officer. His detailed knowledge of the company and of the financial and non-financial drivers of our industry will be invaluable as we continue to strengthen Rio Tinto.”

Rio Tinto Chairman Simon Thompson added: "I look forward to Peter joining the Rio Tinto Board and know from experience that his deep understanding of Rio Tinto and commitment to disciplined capital allocation will serve shareholders well and enrich our Board discussions.”

Rio Tinto aiming for net zero by 2050

Rio Tinto is aiming to reach net zero emissions across its operations by 2050. Across the company, it is targeting a 15% reduction in absolute emissions and a 30% reduction in emissions intensity by 2030, from a 2018 baseline.

Aluminium is found in everything from cars to phones. But one of the challenges of producing this essential material responsibly is finding ways to decarbonise the process.

Part of the reason is creating alumina – the main ingredient in aluminium – takes a lot of energy, which in turn creates greenhouse gas emissions. New technologies will be essential to helping reduce emissions, but many haven’t been proven. And some not yet even discovered. Rio Tinto is partnering with the Australian Renewable Energy Agency (ARENA)to develop hydrogen energy options and make a positive step towards these goals.

Rio Tinto Weipa

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